On the Road to London and Beyond
The year 2009 as window of opportunity
It is not even spring yet but 2009 is already being termed a recession year. The global financial crisis hit the real economy everywhere and stimulus packages are frantically being thrown together. The pressure for change is rising on the “construction sites” of globalisation. Thus 2009 is also representing a window of opportunity: the consequences drawn from the global financial crisis and the course set this year can decisively shape the face of global governance for the foreseeable future. An overview by Rainer Falk and Barbara Unmüßig
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The global economic development trend is clearly pointed downward, and there is almost no difference any more between the forecasts of the relevant institutions (see notes). Whereas the UN Global Outlook forecasts only 1% of global growth in 2009 (compared to 3.8% in 2007), the World Bank’s Global Economic Prospects forecasts only 0.9% (compared to 3.7% in 2007). Growth in the developing countries ought to decline in 2009 to an average of 4.6% (2007: 7.1% according to the UN) resp. 4.5% (2007: 7.9% according to the World Bank), whereby these figures reflect the moderate scenario. The IMF is even more pessimistic ...
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More on the subject:
>>> Coordinated and Massive Global Stimulus Required
>>> Inequalities in the Age of Globalisation
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